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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TWD
Spot USD/TWD finished yesterday above 32.23. This is fresh highs back to early Nov 2022. Highs from late October around 32.35 beckon as the next upside target. The 20-day EMA continues to track higher, last just above 32.00. The 1 month NDF finished Tuesday trade at 32.20.
- Overnight equity weakness, particularly in the tech space (SOX off -1.77%) may weigh further on local equity market sentiment today. The Taiex at yesterday's close was 16276, not too far off multi month lows.
- Offshore investors sold -$811.9mn of local equities yesterday. This brings September outflows to -$5482.5mn, while for Q3 as whole we have seen just over $13bn in offshore outflows. This is the strongest quarterly pace of outflows since Q2 last year, see the chart below.
- The higher for longer Fed theme, China weakness, uncertainty around the global external demand outlook, all appear to be weighing.
- On the data front later today, the NDC monitoring indicator prints for August. The July outcome was15, which is well below historical averages (and describes growth as sluggish).
Fig 1: Taiwan Quarterly Equity Flows - USDmn
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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